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<br />RESOLUTION NO. <br />SERIES OF 1994 <br /> <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CASTLE PINES NORTH <br />METROPOLITAN DISTRICT APPROVING A SHORT TERM, EMERGENCY LOAN FROM <br />THE COLORADO WATER CONSERVATION BOARD. <br /> <br />WHEREAS, one of the three water wells providing water to the <br />District's residents recently failed; and <br /> <br />WHEREAS, the District does not currently have funds available <br />to pay for the rehabilitation of said water well, which cost is <br />estimated to be approximately $100,500; and <br /> <br />WHEREAS, the District has applied to the Colorado Water <br />Conservation Board for an interim, emergency loan in the amount of <br />$100,500 to pay for the rehabilitation of said water well; and <br /> <br />WHEREAS, by letter dated December 5, 1994, the Colorado Water <br />Conservation Board has informed the District that its application <br />for an emergency loan is granted; and ~ <br /> <br />WHEREAS, the emergency loan from the Colorado Water <br />Conservation Board will not extend beyond calendar year 1995, and <br />will neither increase District taxes or create any District debt; <br />and <br /> <br />WHEREAS, the District anticipates that this short term, <br />emergency loan will be repaid from the proceeds of a thirty (30) <br />year loan from the Colorado Water Conservation Board containing <br />terms as outlined in the above-referenced letter of December 5, <br />1994; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br />THE CASTLE PINES NORTH METROPOLITAN DISTRICT, THAT: <br /> <br />The acceptance of a loan in the amount of $100,500 from the <br />Colorado Water Conservation Board is hereby authorized, and the <br />District's President and Secretary are authorized to execute such <br />documents as are approved by the District's legal counsel to <br />effectuate such loan. . <br /> <br />PASSED, ADOPTED AND APPROVED this <br />1994. <br /> <br />\~-\{., <br /> <br />day of 'December, <br /> <br />CASTLE PINES NORTH <br />METROPOLITAN DISTRICT <br /> <br />By: <br /> <br />ATTEST: ~ n <br /> <br />?~~ <br /> <br />Paul V. Dannels <br /> <br />Tom We don, President <br /> <br />12/15/94-pss <br />C:\WPDOCS\CASTLE\CONSERV.RES <br />